Using Data Provided by the Canadian Census to Understand the Demographics

question 41

Multiple Choice

Using data provided by the Canadian census to understand the demographics of a particular market is known as

• A)primary data.
• B)secondary data.
• C)census data.
• D)demographic data.

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Definitions:

Income Effect

Refers to the change in an individual's or economy's income and how that change will impact the quantity demanded of a good or service.

Substitution Effect

The change in demand for a good or service caused by a change in its price, leading consumers to substitute it with other goods or services.

Income Effect

The change in consumer's purchasing power due to a change in real income, affecting the quantity of goods they can buy.

Price Change

A variation in the cost of goods and services in a market, influenced by factors such as supply and demand, inflation, or governmental policy.